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Why International Women’s Day Feels Both Necessary and Encouraging in 2026

The Progress Is Real—But the Path to the Top Remains Narrow

Alice Sherman, Chief Executive Officer on Influential Women
Alice Sherman
Chief Executive Officer
HVS Executive Search
Why International Women’s Day Feels Both Necessary and Encouraging in 2026

International Women’s Day has always carried a dual identity. It is both a celebration of progress and a reminder of how far there is still to go. In 2026, that tension feels sharper than ever.

On one hand, the progress is real. Women today make up nearly 46% of managers in the United States, a remarkable increase from 29% in 1980. Across global companies, women now hold about 34% of senior leadership roles, slowly climbing year after year.

But the view from the very top still tells a different story.

Only around 11% of Fortune 500 CEOs are women today—a number that has barely moved in recent years. Across large U.S. public companies, women occupy roughly 7% of CEO roles.

The Quiet Reality of Leadership

For many women in leadership today, the challenge is not just getting the job. It is navigating the expectations that come with it.

Women leaders often face a persistent double standard. They are expected to be decisive, but not abrasive; ambitious, but not threatening; collaborative, but still authoritative; confident, but not arrogant; assertive, but still likable.

Women are criticized for being too direct, yet questioned when they are diplomatic. Too visible, but overlooked if they step back. Too tough, but doubted if they show empathy. The expectations can be contradictory, but they have also shaped a generation of leaders who are thoughtful, resilient, and deeply aware of the people and environments around them.

Research frequently shows that women leaders must navigate a narrower band of acceptable behavior than their male peers. Yet many of the leadership qualities most valued today—emotional intelligence, adaptability, and inclusive decision-making—are the very traits women have long been encouraged to develop.

In many ways, the world is slowly catching up to a leadership style women have been practicing for decades.

A Pipeline That Still Narrows at the Top

Across many industries, the gap becomes even more pronounced when comparing the broader workforce to the executive level.

In hospitality, for example, women make up well over half of the workforce in hotels and roughly half of management roles. Yet women represent only about 6% of hotel company CEOs.

A similar dynamic exists in the restaurant industry. Women account for more than half of the restaurant workforce and nearly half of management positions, but only about 8% of CEOs at major restaurant companies.

The pipeline clearly exists. The final step to the top is where it narrows.

Hospitality is an industry powered every day by women leading teams, operating properties, and shaping guest experiences on the ground. Yet those same leaders remain significantly underrepresented in the executive seats where broader strategic decisions are made.

Having spent my career in hospitality—and now leading within it—those numbers are not just statistics. They reflect the reality many of us see firsthand in leadership meetings and boardrooms. Women have steadily moved into management and executive pipelines, but the final step into top leadership roles remains disproportionately rare.

And yet, the fact that these conversations are happening more openly—and that more women are advancing through the ranks than ever before—is itself a sign of meaningful progress.

Progress Is Real — But It’s Uneven

One of the more complicated truths about gender equity in leadership is that progress rarely happens in a straight line.

In some industries, representation has stalled or even declined. A recent report examining hedge funds and private equity partnerships found that women account for only about 15% of partners, with virtually no improvement over the past year.

At the same time, other signals are encouraging.

Female CEOs at major public companies have begun to out-earn their male counterparts on average, suggesting that when women do reach top leadership positions, they are increasingly recognized and rewarded for their performance.

This contradiction—visible progress alongside persistent gaps—is exactly why International Women’s Day still matters. It reminds us that meaningful change often unfolds gradually through persistence, visibility, and the steady expansion of opportunity.

Representation Changes What Leadership Looks Like

There is another reason representation matters that is often overlooked: it does not just change who holds leadership positions; it changes how leadership itself is defined.

When leadership becomes more diverse, organizations tend to rethink outdated assumptions, decision-making processes, and definitions of success.

That shift does not happen overnight. But it compounds over time. Each new leader who brings a different perspective expands the possibilities for those who follow.

The Next Phase of Progress

If the last two decades were about opening the door, the next phase is about normalizing who walks through it. Real progress will not be measured by a single milestone or headline statistic.

It will happen when:

  • Women leading major companies is no longer considered noteworthy
  • Leadership pipelines consistently include women at every level
  • The idea of who “looks like a CEO” becomes far more expansive

We are not there yet, but the trajectory is clear. And that, perhaps, is the true spirit of International Women’s Day.

Not the illusion that equality has already been achieved, but the recognition that progress—while incomplete—is real, measurable, and accelerating.

And every woman who rises to lead does more than advance her own career; she expands what leadership can look like and creates space at the table for an entire generation to follow.

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